Stocks shrug off strong earnings | Gundlach on inflation | The 10 most expensive states to live in

The S&P 500 fell on Thursday as investors looked past stellar earnings beats and sold equities, with the major average hovering near a record high.

VIEW IN BROWSER | SUBSCRIBE THU, JUL 15, 2021 EVENING BRIEF AS OF THU, JUL 15, 2021 • 04:50 ET DJIA 34987.02 +0.15% +53.79 S&P 500 4360.03 -0.33% -14.27 NASDAQ 14543.13 -0.70% -101.82   Most Active DOW NAME LAST CHG %CHG AAPL 148.48 -0.67 -0.45% MSFT 281.03 -1.48 -0.52% INTC 55.81 -0.71 -1.26% S&P 500 NAME LAST CHG %CHG AAPL 148.48 -0.67 -0.45% BAC 38.83 -0.03 -0.08% GE 12.76 -0.05 -0.39% NASDAQ NAME LAST CHG %CHG AAPL 148.48 -0.67 -0.45% AMD 86.93 -2.12 -2.38% MSFT 281.03 -1.48 -0.52%   EDITOR'S NOTE The S&P 500 fell on Thursday as investors looked past stellar earnings beats and sold stocks, with the major average hovering near a record high.   The Dow Jones Industrial Average rose 53.79 points, while the S&P 500 dipped 0.3%. The Nasdaq Composite was the relative underperformer, losing 0.7% as mega-cap technology stocks were a sea of red. Netflix, Amazon, Apple, Facebook and Alphabet all experienced losses.   Strong earnings from companies like Morgan Stanley were met with muted reactions from investors, a phenomenon Charles Schwab's chief investment strategist, Liz Ann Sonders, said was from a lot of news already priced into stocks.    Jeffrey Gundlach, DoubleLine Capital chief executive, told CNBC the stock market could stay at record levels as long as stimulus programs designed to help the economy recover from the coronavirus pandemic remain in place.   "I think the whole question for investors is … how long this free money stimulus is going to go on," Gundlach told CNBC's "Halftime Report" on Thursday. "As long as it goes on, I think the stock market can stay at nosebleed levels as it has been and continue to grind higher." Gundlach also warned that inflation resembles the 1970's Jimmy Carter era and that the Federal Reserve will need to step in after a few more months of hot price data.   The Russell 2000 continued its weekly spiral, falling 0.5%. This brought the small-cap benchmark's losses nearly 4% since Monday.    The S&P 500 and Nasdaq are heading into Friday with losses for the week, while the Dow is up just 0.3% since Monday. Maggie Fitzgerald | CNBC Markets Reporter @mkmfitzgerald TOP NEWS  S&P 500 closes lower as investors brush off better-than-expected earnings results Yellen sees 'several more months of rapid inflation,' worries about impact on home buyers These are America's 10 most expensive states to live in 'Bond King' Gundlach says inflation environment today reminds him of the 1970s: 'Jimmy Carteresque' Fed Chair Powell grilled by grouchy senators over inflation and climate change, even as economy rebounds Blue Origin reveals runner-up in $28 million auction will fly with Jeff Bezos to space next week Buying Square today could be like buying JPMorgan stock in 1871, Mizuho analyst says Gundlach says the dollar is 'doomed' over the long term because of rising U.S. deficits Elon Musk admits the Cybertruck could flop Democrats' budget prohibits higher taxes for those making less than $400,000. Here's who might pay more   TOP VIDEO TD Securities' Goldberg on how to understand the junk bond rally   CNBC PRO Here's why Cramer thinks the Covid delta variant could be a U.S. stock market spoiler   SPECIAL REPORTS California approves $35 million plan for nation's first state-funded guaranteed income program These are America's 10 cheapest states to live in for 2021   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS